Slide 1: Q4 2025 Earnings Call - Greg Ebel and Pat Murray
February 13th, 2026 Greg Ebel President & CEO Pat Murray EVP & CFO
Slide 2: Legal notice
Legal notice Forward Looking Information This presentation includes certain forward-looking statements and information (FLI) to provide potential investors and shareholders of Enbridge Inc. (Enbridge or the Company) with information about Enbridge and its subsidiaries and affiliates, including manag
Slide 3: Agenda
Agenda 2025 Recap Growth Opportunities Business Update Financial Performance and Capital Allocation Annual Investment Capacity First Choice Investment 3
Slide 4: 2025 Recap
2025 Recap • Record financial results, exceeding midpoint of 2025 guidance for EBITDA and DCF/share1 Delivering • 20th consecutive year achieving or exceeding financial guidance Value • 31st consecutive year of dividend growth • Leverage within 4.5x to 5.0x Debt-to-EBITDA1 target; Investment Grade c
Slide 5: Executing Growth Across Franchises
Executing Growth Across Franchises Sanctioned $14B of secured growth capital in 2025 across multiple demand themes v Capital Secured since Demand Opportunities 2025 ENB Day Aitken Projects Creek secured support >7GW WCSB: 2025-2028+ WCSB Production Growth Birch Grove MCI1, MLO12, Southern Illinois C
Slide 6: Visible Growth Through End of the Decade
Visible Growth Through End of the Decade Potential to FID another $10-20B of opportunities within next 24 months Gas Liquids Gas Distribution Renewable Transmission Pipelines & Storage Power ~$50B N.A.1 Gas Demand WCSB6 Production U.S. Utility Rate Base % of Renewables in U.S. Power Grid13 of opport
Slide 7: Liquids Pipelines Highlights
Liquids Pipelines Highlights Efficiently adding valuable egress within our established footprint Mainline and Market Access Franchise v Liquids pipeline Liquids storage • Growing and consistent demand in PADD II Refinery • Growing demand in PADD III Proposed pipeline SIC10 Full Path • Strong annual
Slide 8: Gas Transmission Highlights
Gas Transmission Highlights Regionally diverse portfolio of demand-adjacent assets driving growth through decade U.S. Gas Transmission Franchise v Natural Gas pipeline Sanctioned Gas pipeline projects Announced • Highly diversified portfolio of potential new projects – Electric and natural gas utili
Slide 9: Gas Distribution & Storage Highlights
Gas Distribution & Storage Highlights Significant rate base growth driven by modernization and customer additions Enbridge Gas Ontario Up to 5Bcf/d • Canada’s largest natural gas distribution company serving 4 million customers • Rebasing Phase 2 complete, Phase 3 settlement filed • Growing unregula
Slide 10: Renewable Power Highlights
Renewable Power Highlights Strengthening relationship with Meta through accretive new investment UK LONDON North America Franchise Courseulles (Calvados) Germany Advancing >1GW • Growing blue-chip customer base PARIS France of new • Sanctioned Cowboy Phase 1, a 365 MW solar generation development an
Slide 11: Financial Results
Financial Results Finished 2025 near the top end of EBITDA1 guidance range posting record results Q4 YTD ($ Millions, except per share amounts) 2025 20242 2025 20242 4th Quarter Drivers Liquids Pipelines2 2,446 2,395 9,710 9,654 Favorable Gas Transmission rate Gas Transmission 1,312 1,272 5,397 4,
Slide 12: Guidance Reaffirmed
Guidance Reaffirmed Continued growth into new year, driven by efficient expansions and accretive investments Adjusted EBITDA 1 DCF/share 1 Near-term outlook 2023-2026 ($B) $5.70 – • EBITDA1 CAGR: 7%-9% $20.2 – $6.10 • EPS1 CAGR 4%-6% $20.8 $5.71 $20.0 $5.48 $5.56 • DCF/share1 CAGR: ~3% $18.6 $16.5 M
Slide 13: Capital Allocation Priorities
Capital Allocation Priorities Resilient business model supports growing capital backlog Target Leverage 1 Balance • Equity self-funding model Debt/EBITDA 4.8x Today sheet • Regulated assets support cashflow streams strength • Maintain leverage of 4.5x to 5.0x1 4.5x 5.0x • Distributable Cash Flow (DC
Slide 14: Growing Capacity and Improving Returns
Growing Capacity and Improving Returns Rising capital returns driven by newly sanctioned and optimized assets creating growing investment capacity 1 Return on Capital Employed • 2025 sanctioned Organic Projects have a weighted average ROCE of ~11% $10-11B of annual balance ✓ Growing Liquids sheet ca
Slide 15: First-choice Investment Opportunity
First-choice Investment Opportunity Value proposition supports delivery of attractive shareholder returns Financial Oil Alberta COVID- Rising Global Low-risk, utility-like Crisis Price Forest 19 Inflation Trade Stability business profile Collapse Fires Conflict Predictable cash Strength flows suppor
Slide 16: Appendix
Appendix ENBRIDGE
Slide 17: Secured Capital Program
Secured Capital Program Project Expected ISD Capital ($B)1 Gray Oak & Ingleside Expansion 2025-2026 0.1 USD Enbridge Houston Oil Terminal 2026 0.3 USD Mainline Optimalization Phase 1 NEW 2027 1.4 USD Liquids Pipelines Southern Illinois Connector 2028 0.5 USD Mainline Capital Investment 2025-2028 2.0